Simon Property and Brookfield are rescuing JCPenney
Mall owners Simon Property and Brookfield Property Partners have entered in an agreement in principle to acquire JC Penney. The American department store chain filed for bankruptcy protection earlier in the year
According to what is being reported to CNBC and the Wall Street Journal, the deal might be valued at roughly 800 million US dollars, with Simon and Brookfield paying approximately 300 million US dollars in cash and take on 500 million US dollars in debt.
The same sources are reporting that Simon and Brookfield, J.C. Penney’s landlords, will own about 490 of the retailer’s remaining 650 stores, while the hedge funds and private-equity firms that have financed Penney’s bankruptcy might be taking the ownership of the other 160 stores and the retailer’s distribution centres.
JCPenney filed for bankruptcy protection back in May owning, at the time, more than 800 locations.
Related news
Related Events
Related Organizations
-
-
Footwear Consumer 2030
A study reflecting on the main global consumer trends and the key changes for the footwear industry.
-
World Footwear Public Calendar
Click here to subscribe an updated version of the calendar displaying the footwear trade shows.
-
-
Media Partners
Media Partners
-
Schuhkurier
Shoes Report
Shoe Intelligence
La Conceria